Dogecoin (DOGE), the biggest meme coin by market capitalization, shows a notable resurgence in its futures activity, hinting at an incoming price rally. Over the past 24 hours, the Dogecoin open interest jumped to $1.44 billion. According to CoinGlass data, 11,900,000,000 DOGE were committed in open interest over the past day. In fiat terms, this translates to $1.44 billion, signaling renewed interest across the Dogecoin network.
This surge in Dogecoin futures activity marks one of the highest open interests seen over the past few months. Investors on Binance committed the highest open interest to the total over the past day. These investors committed a total of 2.08 billion DOGE valued at $254.5 billion to the asset. This figure represents 17.75% of the total open interest.
OKX investors came second as they pledged 996.8 million DOGE in open interest, representing 8.57% of the total. Other exchanges on the top five list include Bybit, KuCoin and Gate. Dogecoin open interest from these exchanges amounted to $109.8 million, $24.14 million and $452.8 million, respectively. As of press time, Dogecoin is trading at $0.1228, showing a price decline of 2.73% over the last day, according to CoinMarketCap data.
While Dogecoin has only seen its price show weakness, it appears that traders have increasingly committed more tokens to the derivatives market. Moreover, the Dogecoin price traded positively during the early hours of the day, before flipping to the downside. Additionally, the Dogecoin volume offers a good spotlight for engagement in the meme coin ecosystem. Furthermore, the launch of a DOGE exchange-traded fund (ETF) in the U.S also opens the meme coin up for future price breakouts.
Dogecoin open interest jumps as traders bet $1.49 billion in hopes of potential DOGE price breakout. Dogecoin futures open interest climbed to $1.44 billion in the last 24 hours, with 11.9 billion DOGE committed to open interest, signaling renewed activity across the DOGE network. The surge marks one of the highest levels seen in months, even as the price move shows mixed signals. Investors on Binance led the charge, committing 2.08 billion DOGE valued at $254.5 to the asset, accounting for 17.75% of the total open interest.
OKX followed with 996.8 million DOGE in open interest, representing 8.57% of the total. Other top exchanges include Bybit, KuCoin, and Gate, contributing $109.8 million, $24.14 million, and $452.8 million respectively. At press time, DOGE trades at $0.1228, down 2.73% over the past day according to CoinMarketCap. While the price has shown weakness, traders have increasingly allocated more tokens to the derivatives market, underscoring growing interest in DOGE derivatives and potential upside catalysts.
The DOGE trading volume remains a focal point for engagement within the meme coin ecosystem, and the timeline for a US DOGE ETF could unlock further price breakout opportunities. Overall, open interest activity suggests continued appetite for DOGE derivatives as markets monitor for renewed price action.
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